Part I – Petroleum Revenue Tax (ss 1-12A)

Contents

Section 1 – Petroleum revenue tax [OTA 1975 s 1] Section commentary
Section 2 – Assessable profits and allowable losses [OTA 1975 s 2] Section commentary
Section 3 – Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure) [OTA 1975 s 3] Section commentary
Section 4 – Allowance of expenditure on long-term assets [OTA 1975 s 4] Section commentary
Section 5 – Allowance of abortive exploration expenditure [OTA 1975 s 5] Section commentary
Section 5A – Allowance of exploration and appraisal expenditure [OTA 1975 s 5A] Section commentary
Section 5B – Allowance of research expenditure [OTA 1975 s 5B] Section commentary
Section 6 – Allowance of unrelievable loss from abandoned field [OTA 1975 s 6] Section commentary
Section 7 – Relief for allowable losses [OTA 1975 s 7] Section commentary
Section 8 – Oil allowance [OTA 1975 s 8] Section commentary
Section 9 – Limit on amount of tax payable [OTA 1975 s 9] Section commentary
Section 9A – Operating expenditure incurred while section 9 applies [OTA 1975 s 9A] Section commentary
Section 10 – Modification of Part I in connection with certain gas sold to British Gas Corporation [OTA 1975 s 10] Section commentary
Section 11 – Application of Provisional Collection of Taxes Act 1968 [OTA 1975 s 11] Section commentary
Section 12 – Interpretation of Part I [OTA 1975 s 12] Section commentary
Section 12A – Date of delivery or appropriation: shipped oil not sold at arm's length [OTA 1975 s 12A] Section commentary

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